Commercial and Multi-Family Market - Growing Weary; E-Signature Verification Webinar and Other Events

Posted To: Pipeline Press

I've mentioned the upcoming changes to the 1003 form, the Uniform Residential Loan Application, and mentioned that the "target implementation date is 1/1/17 (think HMDA)." Several astute readers pointed out that the date for implementation is actually 1/1/18 - not 1/1/17. I apologize for any confusion, hand-wringing, frustration, or the like. The changes, scheduled for 1/1/18, prompted one veteran broker to write saying, " Why change the 1003? It is a tried and true form: simply fill in the boxes. Leave it alone. The last thing we need is to redo all the operating systems again due to bureaucrats trying to justify their jobs with more unnecessary form changes. That is the problem with government. All those bureaucrats must have something to do, so they create needless/useless paper so they...(read more)

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